PayPal has released a major update to its mobile iPhone application. Along with a complete redesign, PayPal 2.0 now adds support for withdrawing funds and requesting money as well as an integrated tip calculator for splitting restaurant bills and requesting everyone’s share via PayPal. Users can also use the app to collect contributions from a group for events, gifts or causes and can now configure bill reminders with Push Notifications. The update also adds support for Bump technology, allowing users to initiate funds transfers with other PayPal users simply by running the app and bumping their devices together. PayPal 2.0 is available from the App Store as a free download.